How to Develop a Successful Hispanic Marketing Plan. Miriam De Dios CEO Coopera

Transcription

1 How to Develop a Successful Hispanic Marketing Plan Miriam De Dios CEO Coopera

2 Overview Hispanic Marketing Plan Components Defining your Hispanic Target Market Culturally Relevant Marketing Spanish Translations Keeping Marketing Compliant Community Outreach Financial Education Upcoming Educational Resources 2

3 A Hispanic Marketing Plan Is designed specifically for your Hispanic target market(s) Is integrated and aligned with: Your credit union s overall marketing plan Your Hispanic growth strategy Your membership experience Includes traditional marketing tactics, as well as community outreach and financial education strategies/tactics Results in success when viewed as an integrated plan and not piece meal 3

4 Hispanic Marketing Plan Outline Hispanic target market(s) Hispanic opportunity Marketing strategic objectives Marketing tactics Measures of success 4

5 HISPANIC TARGET MARKET(S) & YOUR OPPORTUNITY 5

6 Define your Hispanic target market(s) Current Hispanic members Hispanic Unbanked Young Adults Hispanicowned Businesses 6

7 Hispanic Target Market(s) Current Hispanic Members Age, language preference, product usage, branch location used, etc. Unbanked Young Adults Demographics, socioeconomic status, technology adoption, language preference, location, etc Hispanic Business Owners Demographics, current financial relationships, financial needs 7

8 8 Your Hispanic Opportunity

9 CULTURALLY RELEVANT MARKETING 9

10 Set Your Marketing Strategic Objectives. Examples: Brand awareness/name recognition Acquisition of new membership Cross-selling/upselling to current members Product promotional launch 10

11 Marketing Tactics Marketing Materials: indoor/outdoor Advertising: TV, radio, direct mail, web, social media Public Relations Community Outreach Hispanic Advisory Council Sponsorships Partnerships Financial Education 11

12 Culturally Relevant Marketing Cultural connection Language Images Messages 12

13 Flyers Bilingual personnel Bilingual message 13

14 Advertising Spanish message Cultural practice: Quinceañera Product campaign 14

15 Branch Signage Bilingual product promotion Cultural translation 15

16 BILINGUAL MESSAGING SPANISH TRANSLATIONS MARKETING COMPLIANCE 16

17 First Impression Materials Branch signage Office/lobby hour schedule CIP/identification and documentation requirements policy Credit union tagline Membership process Application and agreement Fee schedules Bilingual staff business cards Marketing materials 17

18 Welcome Materials Welcome letter Referral program Member satisfaction survey Informational brochure Financial education materials 18

19 Detailed Materials Forms and disclosures Outreach materials Member ongoing touch point materials Website 19

20 Translation Spanish vs. Bilingual Legal Documents: Agreements, Disclosures, Terms & Conditions, etc. Loan Products Consumer Loans & Leases & Real Estate Loans Advertising and Marketing 20

21 Keeping Marketing Compliant Understand state translation requirements Include translation disclaimer on materials Follow marketing compliance across all materials/ legal language (NCUA logo, etc) Ensure translations are: Culturally translated Consistent with Spanish financial/credit union terminology 21

22 COMMUNITY OUTREACH FINANCIAL EDUCATION 22

23 Community Partners Sponsorships Latino Heritage Events Community Involvement Serve on the board/volunteer with Hispanic serving community organizations Referral partnerships Mutual understanding with tax providers, immigration services, family services organizations to refer members and vice versa 23

24 Create a Community Development Strategy. Identify the organizations present in your community. Identify what you can provide them and what they can provide you. Narrow down to a few relationships that you can manage and that fit with your objectives. 24

25 Outreach Strategies Identify objectives of outreach New membership Building trust Increase brand awareness Set measurements Attendance: current and prospective members Cost Partnership opportunities Reputation Purpose 25 Coopera Resource: Event Matrix

26 Financial Education Financial education is a promotional strategy and a service offering. It provides an opportunity to create a live experience that can be shared via word of mouth. Ensure it s culturally relevant and in-language. Use as a marketing tactic. 26

27 Develop a Calendar. 27 Coopera Resource: Template Promotional & Educational Schedule

28 A Hispanic Marketing Plan Is designed specifically for your Hispanic target market(s) Is integrated and aligned with: Your credit union s overall marketing plan Your Hispanic growth strategy Your membership experience Includes traditional marketing tactics, as well as community outreach and financial education strategies/tactics Results in success when viewed as an integrated plan and not piece meal 28

29 UPCOMING EDUCATIONAL RESOURCES 29

30 Upcoming Educational Resources Aug 20 How to Create Successful Business Relationships With the Hispanic Community - Coopera/CUNA webinar Sept 24 Lessons Learned by CEOs of Hispanic-Serving Credit Unions - Coopera/CUNA webinar Oct 29 Results From the National Hispanic Growth Return on Investment Study - Coopera/CUNA webinar Nov 3-6 Community Credit Union and Growth Conference in Las Vegas Emerging Markets Track with The Federation 30

31 31 QUESTIONS?

32 Contact Coopera 1500 NW 118th Street Des Moines, Iowa cooperaconsulting.com blog.cooperaconsulting.com Coopera. Original information contained within this presentation is copyrighted and cannot be used without expressed written consent from Coopera.